This article is the first part of the GST Impact on Manufacturers. As a manufacturing hub, India has received a huge boost pursuant to the Make in India campaign as its position on the world map has gone higher – Deloitte experts state that India is set to be part of the world’s top five…
The point of taxation mechanism is used to ascertain the exact point in time when a tax liability arises on a good or service, and the point therefore when the tax liability is required to be paid, either by the buyer or the supplier of the good or the service. This depends on whether there…
Previously, we have discussed time of supply for goods regards the forward charge mechanism; here we place focus on the reverse charge mechanism to determine the time of supply of goods. Firstly, it is imperative to understand that service tax is collected when goods or services are sold to ensure revenue collection from even the…
Service tax is currently applicable under the current indirect tax regime upon the provision of taxable services. The point of taxation helps in ascertaining when the service tax is actually payable to the central government by the recipient or the supplier. As per the point of taxation mechanism, on forwarding charge, the impacts of liability…
Under the reverse charge mechanism, the time of supply for services is determined by payment of tax credit of the government from the recipient of the services or the buyer of the services – this is different from forward charge where the tax payment is done to the government from the supplier itself. Before we…
Electronic commerce, also known as e-commerce, has transformed business in India altogether. The e-commerce industry in India is impacted by several taxes as each state has its own rules pertaining to taxation on goods and services supplied through e-commerce. However, since there is slight confusion in the treatment of these taxes, in this article we have…
Currently, taxes are imposed on taxable services such as manufacture, provision of services, sale of goods, etc. Under the GST regime, all of this will be replaced by the concept of supply. In other words, the understanding place of supply of a good or service will become a very taxable event under the GST. In…
In this article, we aim to identify the place of supply without movement of goods. Place of supply is the location of the goods at the time of delivery to the recipient: To understand a situation where there is no movement of goods but the location of the recipient is considered to be the place…